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FY20 Q3 Financial Statements Management’s Discussion and Analysis and Condensed Consolidated Financial Statements March 31, 2020 (Unaudited) INTERNATIONAL FINANCE CORPORATION Page 2 Management’s Discussion and Analysis March 31, 2020 CONTENTS Page I Introduction .............................................................................................................................................. 4 II Selected Financial Data and Financial Ratios ......................................................................................... 4 III Overview .................................................................................................................................................. 5 IV Client Services ......................................................................................................................................... 7 V Liquid Assets............................................................................................................................................ 12 VI Funding Resources.................................................................................................................................. 12 VII Results of Operations .............................................................................................................................. 15 VIII Governance and Control.......................................................................................................................... 23 INTERNATIONAL FINANCE CORPORATION Page 3 Management’s Discussion and Analysis LIST OF TABLES Page Table 1: FY20 YTD vs FY19 YTD Long-Term Finance Commitments (Own Account and Core Mobilization) 8 Table 2: Funds Managed by AMC and their Activities FY20 YTD vs FY19 YTD 10 Table 3: IFC's Capital 13 Table 4: IFC's Retained Earnings 13 Table 5: Main Elements of Net Income and Comprehensive Income 15 Table 6a: Change in Net Income FY20 YTD vs FY19 YTD 16 Table 6b: Change in Net Income FY20 Q3 vs FY19 Q3 17 Table 7: Net Unrealized Gains and Losses on Non-Trading Financial Instruments FY20 YTD vs FY19 YTD 21 Table 8: Other Comprehensive Income (Loss) - Unrealized Gains and Losses on Debt Securities and Borrowings FY20 YTD vs FY19 YTD 22 LIST OF FIGURES Page Figure 1: Carrying amount of Loan Portfolio 17 Figure 2: Non-performing Loans 18 Figure 3: Loan Loss Reserves 18 Figure 4: Carrying amount of Equity Investments Portfolio 19 Figure 5: Carrying amount of Debt Securities Portfolio 20 INTERNATIONAL FINANCE CORPORATION Page 4 Management’s Discussion and Analysis I. INTRODUCTION This document should be read in conjunction with the International Finance Corporation’s (IFC or the Corporation) consolidated financial statements and management’s discussion and analysis issued for the year ended June 30, 2019 (FY19). IFC undertakes no obligation to update any forward-looking statements. BASIS OF PREPARATION OF IFC’S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The accounting and reporting policies of IFC conform to accounting principles generally accepted in the United States (GAAP). IFC’s accounting policies are discussed in more detail in Note A to IFC’s condensed consolidated financial statements as of and for the three and nine months ended March 31, 2020 (FY20 YTD condensed consolidated financial statements). Prior to the year ending June 30, 2020 (FY20), Management has used Income Available for Designations (a non-GAAP measure) as a basis for designations of retained earnings. Income Available for Designations generally comprised net income excluding: net unrealized gains and losses on equity investments and net unrealized gains and losses on non-trading financial instruments accounted for at fair value, income from consolidated entities other than the IFC Asset Management Company (AMC1), and expenses reported in net income related to prior year designations. Management is in the process of reviewing the methodology for designations of retained earnings in FY20 due to the suspension of transfers to IDA beginning in FY20. II. SELECTED FINANCIAL DATA AND FINANCIAL RATIOS As of and As of and for the nine As of and for the three for the year months ended months ended ended March 31, March 31, March 31, March 31, June 30, Investment Program (US$ millions) 2020 2019 2020 2019 2019 Long-Term Finance Own Account Commitments $ 6,279 $ 4,348 $ 1,812 $ 1,476 $ 8,920 Core Mobilization 6,680 5,750 1,618 1,811 10,206 Total Long-Term Finance Commitments (Own Account and Core Mobilization) $ 12,959 $ 10,098 $ 3,430 $ 3,287 $ 19,126 Condensed Consolidated Statement of Operations (US$ millions) Net (loss) income $ (2,275) $ (192) $ (2,554) $ 655 $ 93 As of March As of March As of June Key Financial Ratios2 31, 2020 31, 2019 30, 2019 Deployable strategic capital (DSC) as a percentage of Total Resources Available (TRA) 19.3% 12.0% 11.6% Cash and liquid investments as a percentage of next three years’ estimated net cash requirements 97% 100% 104% Debt to equity ratio 2.1:1 2.2:1 2.2:1 Return on average assets (GAAP basis) (3.1)% (0.4)% 0.1% Return on average capital (GAAP basis) (11.4)% (1.4)% 0.3% IFC’s Capital Adequacy, as measured by DSC, was 19.3% at the end of FY20 Q3, compared to 11.6% at the end of FY19. The 7.7 percentage points (pp) increase in DSC was largely due to the combined effect of a reduction in capital required for the investment portfolios and an increase in the capital available due to an increase in comprehensive income, after excluding unrealized equity losses and loan loss provisions. IFC’s debt-to-equity ratio was 2.1:1, well within the maximum of 4:1 required by the policy approved by IFC’s Board of Directors and IFC’s overall liquidity as a percentage of the next three years' estimated net cash needs stood at 97%, above the minimum requirement of the Board of 45%. 1 Effective January 31, 2020, AMC was merged with and into IFC. The AMC business is now operated as a Vice Presidency Unit within IFC. This change did not have a significant impact on IFC's financial position, results of operations or cash flows. 2 Returns on average assets and capital are annualized. INTERNATIONAL FINANCE CORPORATION Page 5 Management’s Discussion and Analysis III. OVERVIEW IFC is the largest global development institution focused on the private sector in developing countries. Established in 1956, IFC is owned by 185 member countries, a group that collectively determines its policies. IFC is a member of the World Bank Group (WBG)3 but is a legal entity separate and distinct from IBRD, IDA, MIGA, and ICSID, with its own Articles of Agreement, share capital, financial structure, management, and staff. Membership in IFC is open only to member countries of IBRD. IFC helps developing countries achieve sustainable growth by financing private sector investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. IFC’s principal investment products are loans, equity investments, debt securities and guarantees. IFC also plays an active and direct role in mobilizing additional funding from other investors and lenders through a variety of means. Such means principally comprise: loan participations, parallel loans, the Managed Co-lending Portfolio Program (MCPP), the non-IFC portion of structured finance transactions, and the non-IFC portion of commitments in funds managed by AMC, (collectively Core Mobilization). Unlike most other development institutions, IFC does not accept host government guarantees of its exposures. IFC raises virtually all of the funds for its lending activities through the issuance of debt obligations in the international capital markets, while maintaining a small borrowing window with IBRD. Equity investments are funded from capital (or net worth). IFC’s capital base and its assets and liabilities, other than its equity investments, are primarily denominated in U.S. dollars ($ or US$) or swapped into U.S. dollars along with borrowings denominated in currencies other than U.S. dollars which are invested in such currencies. Overall, IFC seeks to minimize foreign exchange and interest rate risks arising from its loans, debt securities and liquid assets by closely matching the currency and rate bases of its assets in various currencies with liabilities having the same characteristics. IFC generally manages non-equity investment related and certain lending related residual currency and interest rate risks by utilizing currency and interest rate swaps and other derivative instruments. The Management’s Discussion and Analysis contains forward looking statements which may be identified by such terms as “anticipates,” “believes,” “expects,” “intends,” “plans” or words of similar meaning. Such statements involve a number of assumptions and estimates that are based on current expectations, which are subject to risks and uncertainties beyond IFC’s control. Consequently, actual future results could differ materially from those currently anticipated. IFC undertakes no obligation to update any forward-looking statements. COVID-19 SUPPORT PACKAGE In March 2020, in response to the global outbreak of the Coronavirus disease (COVID-19), IFC’s Board of Directors approved a COVID-19 support package in the amount of $8 billion, as part of a WBG package. The IFC response has four components: • $2 billion from the Real Sector Crisis Response Facility, which will support existing clients in the infrastructure, manufacturing, agriculture and services industries vulnerable to the pandemic. IFC will offer loans to companies in need, and if necessary, make equity
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